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620 Mill Station Lane Wendell, NC 27529

3 Beds 3 Baths 1,820 sqft Built 2017

$285,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $156.59
  • 5 Days on Market
  • MLS # : 2360353
  • Updated Date : 01/06/2021 at 20:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,820 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fonville Morisey/brier Creek Sales Office

Listing Agent's Description

"THE ONE" you have been waiting for in Wendell Falls! Loaded with charm & style, this 3 bedroom Scissors floorpan w/ 1820 sq ft + office nook is move in ready! The perfect plan with chef style kitchen & slide in gas range. Fridge, W/D included! Fenced in yard. Spacious lot on amazing street near 3 points park. Enjoy resort style community amenities & join the community everyone's talking about. More info to come! A must see!

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • Raleigh-Durham combined metros' economy is worth over $137 billion in Gross Metro Product and projected to grow to $146 billion in 2019 (USMayors.org, 2018)
  • Raleigh-Durham combined metros has 65.3% labor force participation rate higher than the national rate of 62.8% (USMayors.org, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Raleigh-Durham combined metros contribute to 24.1% of North Carolina's state economy i.e. Gross State Product (USMayors.org, 2018)
  • University of North Carolina, Duke University and Davidson University systems drive rental demand

PRICE & RENT TRENDS

Neighborhood: The Farmhouse

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $112k315k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: The Farmhouse

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8571852

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Lake Myra Elementary School Primary Regular 631 46 2
Wendell Middle School Middle Regular 973 59 2
East Wake High School High Regular NA

Lake Myra Elementary School

  • Education Level: Primary
  • # of students: 631
  • # of teachers: 46
2
GreatSchools Rating

Wendell Middle School

  • Education Level: Middle
  • # of students: 973
  • # of teachers: 59
2
GreatSchools Rating

East Wake High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$256,500$313,500$285,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$990
Property Tax -$261
Property Insurance -$63
HOA -$100
Property Management Fees -$119
CASH FLOW
$17

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$285,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.9%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,275

INVESTMENT

$81,275

Down Payment
$71,250
Rehab Estimate
$5,750
Closing Costs
$4,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$990

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,250
Loan Amount $213,750
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$17,309

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,550

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,693

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,7003$1,7504$1,800
$1,800
RENT COMPS ANALYSIS
  • 620 Mill Station Lane Wendell, NC 1
    • 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.85
    •  
  • 1957 Big Falls Drive Wendell, NC 2
    • 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2017
    property image
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.92
    •  
  • 212 Big Barn Drive Wendell, NC 3
    • 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 2020
    property image
    LEASED 12/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
  • 1956 Big Falls Drive Wendell, NC 4
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2017
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.92
    •  
PROPERTY LISTING DETAILS
Emilee Carraway
1.919.781.4452
Fonville Morisey/brier Creek Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360353
Last Updated: 01/06/2021
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